Hardware · Second-hand
I bought a second-hand hardware wallet: why that is extremely dangerous
It is one of the cleanest scams there is, because the device is genuine and works perfectly. The problem isn’t the device: it is who knows the phrase inside it. If you didn’t generate it yourself, in your own hands, it isn’t your wallet.
How the trap works
The seller sets the device up, writes down the recovery phrase, and then sells it as new or «barely used», sometimes with a recovery card already filled in «so you don’t have to do it yourself». You deposit your funds, and he, holding the phrase, takes them out whenever he likes. It can happen the same day or months later, once you have relaxed.
If you already used it
- Move your funds today to a new wallet, created on a device bought from the official site or in an app you installed yourself.
- Don’t reuse that phrase for anything, not even small amounts.
- If the device is genuine, you can reset it and generate a new phrase in front of you. From then on it is truly yours. But move the money first.
- If the device isn’t genuine or looks tampered with, don’t use it at all.
How to check a device that arrives
| Sign | What it means |
|---|---|
| It comes with the phrase already written | Certain scam. Don’t use it |
| It comes with a PIN already set | Certain scam |
| The seal looks reapplied | Suspicious: don’t use it |
| You are told to set it up following an included sheet | A common scam |
| You bought it on a classifieds site | High risk even if it looks fine |
| Bought from the official site, unconfigured | Correct |
And if the money is already gone, the honest answer is that it isn’t recovered. It is explained in why «we recover stolen crypto» is almost always a lie.